{"id":990,"date":"2022-01-11T15:45:06","date_gmt":"2022-01-11T15:45:06","guid":{"rendered":"https:\/\/brownsvillenews.org\/second-group-of-private-developers-take-over-additional-nycha-developments-in-east-new-york\/"},"modified":"2022-01-11T15:45:06","modified_gmt":"2022-01-11T15:45:06","slug":"second-group-of-private-developers-take-over-additional-nycha-developments-in-east-new-york","status":"publish","type":"post","link":"https:\/\/brownsvillenews.org\/?p=990","title":{"rendered":"Second Group of Private Developers Take Over Additional NYCHA Developments in East New York"},"content":{"rendered":"

by Judith Brown for EastNewYork.com<\/a><\/strong><\/em><\/p>\n

We recently published the press release<\/a> from the first group of developers that took over NYCHA developments in East New York. Below is the press release from the second group of developers who are taking over additional NYCHA developments in East New York. You would have to believe that this is just the beginning, with more private developers coming in to take control of more NYCHA developments. Improvements on NYCHA developments are absolutely needed, but NYCHA is the most valuable real estate asset that New York City has when it comes to long term affordability. Giving away the only true affordable housing portfolio to private developers cannot be good for affordability in New York City. You have to ask yourself a question; have you ever met a private developer who cares about anything other than turning the largest profit they can make? Private developers throughout history have not been good partners for communities of color, therefore it would be safe to assume that this move will not change their historical disdain for communities of color.<\/p>\n

Press Release from:<\/strong> <\/em>the Stanley Avenue Preservation (SAP), a joint venture of Dantes Partners, Douglaston Development, L+M Development Partners, and SMJ Development in partnership with the New York City Housing Authority (NYCHA<\/span>), today announced the closing on $430 million in financing for comprehensive renovations to a 1,922-unit public housing portfolio comprising NYCHA<\/span>\u2019s Linden and Penn-Wortman houses in East New York, Brooklyn. The partnership is undertaking the project through NYCHA<\/span>\u2019s Permanent Affordability Commitment Together (PACT) initiative, which utilizes the federal Rental Assistance Demonstration (RAD) program to unlock funding for repairs while ensuring developments remain permanently affordable and that residents retain the same rights that they possess in the standard public housing program. Through PACT, the SAP team will begin work next month on repairs following decades of disinvestment at the properties. The NYC Housing Development Corporation (HDC), Wells Fargo and Citi provided construction financing, and HDC provided permanent loan financing through the FHA risk share program.<\/p>\n

\u201cThe PACT program continues to be one of the Authority\u2019s best tools for comprehensively improving NYCHA<\/span> campuses with significant infrastructure repair needs,\u201d said NYCHA<\/span> Chair & CEO Greg Russ. \u201cThe collection of experienced partners that have been assembled to provide large-scale rehabilitation work, robust property management, and much-needed social services for these sites will enable NYCHA<\/span> to maintain our commitment to creating stronger developments for thousands of additional public housing families.\u201d<\/p>\n

\u201cThe public-private partnerships represented in this latest round of PACT projects enable the Authority to raise the funds needed to make capital repairs and drive additional community resources to residents, all while maintaining public control of NYCHA<\/span> buildings with the support of our tenant leadership,\u201d said NYCHA<\/span> EVP of Real Estate Development Jonathan Gouveia. \u201cToday\u2019s announcement marks a major milestone in our pledge to deliver desperately needed and long overdue repairs for 62,000 apartments in NYCHA<\/span>\u2019s portfolio.\u201d<\/p>\n

\u201cAt Dantes Partners our goal is to facilitate and enhance local urban economic development by designing and structuring innovative funding and financing solutions for affordable, workforce, and mixed-income housing and community-based real estate,\u201d said Buwa Binitie, Managing Principal of Dantes Partners. \u201cThrough this public-private partnership we can apply those same principals to make a significant impact in the enhancement of NYCHA<\/span> communities.\u00a0 This has been a collaborative effort with the residents, and we look forward to fostering a safe, thriving, and beautiful place for them to continue to live.\u201d<\/p>\n

\u201cAs a former resident of the Linden Houses during a portion of my childhood, I am humbled and honored by the opportunity to enhance the property for current residents, and to continue our firm\u2019s commitment to high-quality affordable housing in New York,\u201d said Jeffrey E. Levine, Founder & Chairman of Douglaston Development. \u201cDouglaston Development is excited to partner with L+M, Dantes, and SMJ on the rehabilitation of the Linden and Penn-Wortman Houses.\u201d<\/p>\n

\u201cOur core mission at L+M Development Partners is to work together to build stronger communities and with this project we\u2019re excited to redevelop public housing for East New York residents,” said Ayanna Oliver-Taylor, Managing Director of Development at L+M Development Partners. \u201cAs we continue to rehabilitate and manage NYCHA<\/span> properties through the PACT initiative, we have truly seen how these projects have improved the lives of residents. Today\u2019s closing marks a significant milestone of this collaborative effort to revitalize the East New York community.\u201d<\/p>\n

\u201cSMJ is excited to play a part in the rehabilitation of Linden and Penn Wortman Houses along with L&M Development Partners, Douglaston Development, Dantes Partners, and NYCHA<\/span>,\u201d said\u00a0 Juan Barahona, Principal, SMJ Development. \u201cOur commitment to the preservation of affordable housing is unflappable regardless of how difficult the work may be.\u00a0 We treat our residents\u2019 homes with the same care and respect as our own and we look forward to collaborating with residents to enhance their experience.\u201d<\/p>\n

\u201cHDC is proud to provide critical bond financing to help ensure comprehensive repairs, guaranteed affordability, and tenant protections for the residents of Linden and Penn-Wortman,\u201d said HDC President Eric Enderlin.\u00a0 \u201cThanks to all our partners for their ongoing efforts to improve the quality of life of NYCHA<\/span> residents through the PACT program.\u201d<\/p>\n

\u201cCiti is proud to work with Wells Fargo and the New York City Housing Development Corporation in providing the financing necessary to transform and preserve Penn-Wortman Houses,\u201d said Barry Krinsky, National Production Manager, Citi Community Capital. \u201cThis marks the continuation of our work with NYCHA<\/span> dating back to 2010.\u201d<\/p>\n

Built in the 1950s (Linden) and 1970s (Penn-Wortman), the properties are in dire need of repairs to the interiors, exteriors and mechanical systems. Starting in January, SAP, led by Levine Builders and L+M Builders, will begin work on an array of repairs, with Curtis + Ginsberg Architects LLP serving as the project\u2019s architect.<\/p>\n

Improvements will include:\u00a0<\/strong><\/p>\n